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Equity-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock Option Activity | Stock option activity during 2021, 2022 and 2023 was as follows:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Options outstanding at January 1, 2021 |  |  | 1,510,306 |  |  | $ | 37.56 |  |  |  |  |  |  |
Options granted |  |  | 324,320 |  |  |  | 57.53 |  |  |  |  |  |  |
Options exercised |  |  | (558,322 | ) |  |  | 39.45 |  |  |  |  |  |  |
Options cancelled |  |  | (170,235 | ) |  |  | 40.08 |  |  |  |  |  |  |
Options outstanding at December 31, 2021 |  |  | 1,106,069 |  |  |  | 42.07 |  |  |  |  |  |  |
Options granted |  |  | 334,260 |  |  |  | 55.73 |  |  |  |  |  |  |
Options exercised |  |  | (285,577 | ) |  |  | 40.66 |  |  |  |  |  |  |
Options cancelled |  |  | (175,475 | ) |  |  | 46.98 |  |  |  |  |  |  |
Options outstanding at December 31, 2022 |  |  | 979,277 |  |  |  | 46.27 |  |  |  |  |  |  |
Options granted |  |  | 296,340 |  |  |  | 78.94 |  |  |  |  |  |  |
Options exercised |  |  | (198,527 | ) |  |  | 41.29 |  |  |  |  |  |  |
Options cancelled |  |  | (140,545 | ) |  |  | 55.95 |  |  |  |  |  |  |
Options outstanding at December 31, 2023 |  |  | 936,545 |  |  | $ | 56.21 |  |  |  | 7.26 |  |  | $ | 18,640 |
Options exercisable at December 31, 2023 |  |  | 349,080 |  |  | $ | 42.85 |  |  |  | 5.51 |  |  | $ | 11,155 |
Schedule of Stock Options Valuation Assumptions | The following table summarizes the grant-date fair value of options and the assumptions used to develop the fair value estimates for options granted during the years ended December 31, 2023, 2022 and 2021:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Weighted average grant-date fair value of options |  | $ | 30.99 |  |  | $ | 20.72 |  |  | $ | 20.64 |
Risk-free interest rate |  |  | 4.2 | % |  |  | 2.0 | % |  |  | 0.9 | %
Expected volatility |  |  | 37 | % |  |  | 39 | % |  |  | 40 | %
Expected life (in years) |  |  | 5.0 |  |  |  | 5.0 |  |  |  | 5.0 |
Restricted Stock Unit Activity | Restricted stock unit activity during 2021, 2022 and 2023 was as follows:
|  | Number of Shares |  |  | Weighted Average Grant-Date Fair Value |
Unvested at January 1, 2021 |  |  | 1,022,996 |  |  | $ | 28.41 |
Granted |  |  | 352,430 |  |  |  | 58.32 |
Cancelled |  |  | (82,751 | ) |  |  | 39.63 |
Vested |  |  | (366,048 | ) |  |  | 30.81 |
Unvested at December 31, 2021 |  |  | 926,627 |  |  | $ | 37.84 |
Granted |  |  | 650,396 |  |  |  | 64.65 |
Cancelled |  |  | (145,205 | ) |  |  | 49.03 |
Vested |  |  | (386,616 | ) |  |  | 32.64 |
Unvested at December 31, 2022 |  |  | 1,045,202 |  |  | $ | 54.89 |
Granted |  |  | 587,239 |  |  |  | 76.32 |
Cancelled |  |  | (198,740 | ) |  |  | 57.21 |
Vested |  |  | (403,223 | ) |  |  | 50.48 |
Unvested at December 31, 2023 |  |  | 1,030,478 |  |  | $ | 68.38 |
Performance Stock Unit Activity | Performance stock unit activity during 2021, 2022 and 2023 was as follows:
|  | Number of Units |  |  | Weighted Average Grant-Date Fair Value |
Unvested at January 1, 2021 |  |  | 1,073,062 |  |  | $ | 20.15 |
Granted |  |  | 149,416 |  |  |  | 61.52 |
Performance adjustment |  |  | 465,993 |  |  |  | 25.49 |
Cancelled |  |  | — |  |  |  | — |
Vested |  |  | (184,051 | ) |  |  | 42.30 |
Unvested at December 31, 2021 |  |  | 1,504,420 |  |  | $ | 23.20 |
Granted |  |  | 105,311 |  |  |  | 73.96 |
Performance adjustment |  |  | 182,543 |  |  |  | 33.05 |
Cancelled |  |  | — |  |  |  | — |
Vested |  |  | (518,474 | ) |  |  | 43.16 |
Unvested at December 31, 2022 |  |  | 1,273,800 |  |  | $ | 20.69 |
Granted |  |  | 177,509 |  |  |  | 70.98 |
Performance adjustment |  |  | 407,825 |  |  |  | 17.69 |
Cancelled |  |  | (114,908 | ) |  |  | 69.07 |
Vested |  |  | (1,408,195 | ) |  |  | 10.60 |
Unvested at December 31, 2023 |  |  | 336,031 |  |  | $ | 69.35 |

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